Principles of Human Resource Management Essay Example | Topics and Well Written Essays - 2000 words

Principles of Human Resource Management - Essay Example There are some factors that work in the Company’s favor. (a) It has a solid, established reputation in the locality and has been in existence for fifty years. Since the firm offers accounting services where an old and established firm is always preferred, it is likely that the reputable nature of the firm will be a strong basis to not only attract new business, but also top notch candidates to serve with the firm. (b) With rising prices and tough living conditions in nearby London, the Company has a great opportunity to attract qualified candidates who are looking for better and less expensive living conditions and who prefer a more spacious environment. However, there are several weakness in the current manner of operations in regard to Human resource management. (a) The firm does not appear to have realized the importance of Human Resources in enhancing the firm’s business, as evidenced by the fact that there is no human resource department, other than the involvement of one of the partner in managing payroll and pension issues. No other form of coordination exists in this department. Other professional firms like AccountCo have a well defined HR Management, because professional accountancy is being identified as the sphere with the strongest demand for accountants. In addition to pension schemes offered at AccountCo, other firms are also offering their employees performance related bonuses and other incentives. Private medical health insurance is offered by these companies and cash in lieu of other perks such as a Company car and other incentives. Additionally, several companies are also providing for paternity and maternity benefits such as additional leave and crà ¨che facilities for young children. Flexibility in working hours is a notable feature of the new accounting environment, in view of the increasing use of technology and the Internet in all work applications. While AccountCo